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4/28/15
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A joint venture between TMG Partners and Farallon Capital Management LLC has purchased 46555 Landing Parkway, a 117k sf, R&D building at Bayside Technology Park in Fremont. The price was not disclosed.
Formerly occupied by SGI and LAM, the venture plans to invest capital to bring the building up to market standard and lease to a growing company in Fremont. The seller was an undisclosed partnership.
Chip Sutherland, Sherman Chan, and Ben Rojas of CBRE represented both parties in the deal. TMG, based in the Bay Area, has been active in Fremont for the past decade.
"Tenants are moving from other South Bay and Peninsula cities to take advantage of the City of Fremont's highly educated work force, affordable housing, and pro-business city government," said David Cropper, managing director of TMG Partners. "Fremont is one of the most vibrant markets in the South Bay and we have never seen the kind of tenant demand velocity that exists today."
"We bought a high quality building with good bones and ample power at a very attractive low cost, which allows us to be very competitive in a hot market where vacancy has been cut in half during the last three years," said Brian Fleming, partner at TMG Partners.
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